Business
Placing and proposed investment in Portr Limited
Placing and proposed investment in Portr Limited.
About this update from Caledonian Holdings Plc.
[{"type":"text","content":"\n \nRNS Number : 4103R Vela Technologies PLC 08 March 2016 \n\n8 March 2016\nVela Technologies plc\n(\"Vela\" or the \"Company\")\n \nPlacing to raise £220,000\nProposed investment of approximately £151,000 in Portr Limited\n \nIntroduction\nThe Board of Vela (AIM: VELA), the investing company focused on early stage and pre-IPO disruptive technology investments, announces that the Company has conditionally raised £220,000 (before expenses) through the issue of 137,500,000 new ordinary shares of 0.1 pence each in the Company (the \"Placing Shares\") with existing shareholders and new investors at a price of 0.16 pence per Placing Share (the \"Placing\"). \nThe funds raised pursuant to the Placing will be used primarily by the Company to take advantage of a specific opportunity to further invest in one of Vela's investee companies as well as to provide funds for general corporate purposes.\nSpecifically, the Board of Vela has agreed to invest approximately £151,343 of the net proceeds of the Placing to enable the Company to undertake a follow-on investment in Portr Limited (\"Portr\"), the owner of the on-demand airport luggage transfer service, AirPortr. At the current time Portr is undertaking a fundraising exercise with existing shareholders to raise £3 million (the \"Portr Fundraising\"). These funds will be used by Portr to finance the expedited rollout of a transformational product, which is to be integrated with a major global airline across Portr's current UK airport network at London City, Gatwick and Heathrow. The funding will provide Portr with the required capital to commercialise, integrate and build the necessary scale to support the product launch in summer 2016. \nVela's investment represents approximately £111,343 in relation to Vela's take up of pre-emption rights in the Portr Fundraising and a further investment of £40,000. The Portr Fundraising is expected to complete by the end of March 2016. \nVela currently has an interest in 3.4% of the issued share capital of Portr. Vela announced on 31 July 2015 that Portr had completed a £3.3 million Series A funding round which valued Vela's existing shareholding in Portr at approximately £525,000. Following completion of the Portr Fundraising, Vela is expected to have an interest in 101,989 shares in Portr representing 3.9% of the enlarged issued...